Capital Dynamics acquires 180-MWac Nevada solar+storage project

Capital Dynamics, an independent global private asset management firm, announced that its Clean Energy Infrastructure (CEI) business has acquired the Townsite Solar Project, a 180-MWac/231-MWdc solar project located in Boulder City, Nevada, through the acquisition of Skylar Townsite. The Townsite project will also feature a 90-MWac/360-MWh energy storage facility which will be one of the largest in the world.

“This major acquisition moves forward the overall vision of Rob Roy’s Gigawatt Nevada,” said Adam Kramer, Switch executive VP of strategy. “Gigawatt 1 creates new clean energy jobs, the generation of new tax revenue for Nevada, important economic diversification and strengthens our energy independence.”

Three long-term PPAs to service two municipalities and a cooperative have been secured. The Townsite solar project is expected to be fully constructed by the end of 2021. The project is expected to create 300 jobs with a peak demand of 400 jobs during a 12-month construction period. The plant is expected to have 10 full time onsite and offsite employees.

The Townsite Solar Project is part of Gigawatt 1, one of the largest solar project portfolios in the world. Gigawatt 1 aims to generate the lowest-priced solar power in Nevada and provide enough clean energy to power nearly 1 million homes. The Gigawatt 1 concept comes from an initiative called Rob Roy’s Gigawatt Nevada, first proposed by Switch founder and CEO Rob Roy four years ago.

“Townsite is an important project, which is part of our Gigawatt 1 commitment,” said Benoit Allehaut, managing director at Capital Dynamics. “We believe this is the first hybrid utility-scale solar and energy storage project serving fixed-volume power purchase agreements. Our view is that this type of service represents the future of the renewable energy sector and we are glad to innovate and help the market mature to more customer-focused products and services.”

Tenaska Power Services, the leading provider of energy management services to generation and demand-side customers in the U.S., will be the energy service agent for the project, assisting with the sale and purchase of surplus/deficit merchant power, battery scheduling, and energy management.

“We appreciate the relationship with Capital Dynamics and their vision for the Townsite Project. We look forward to working with Capital Dynamics to complete this project and our continued relationship focusing on innovative, long-term renewable energy deals,” said William O. Perkins III, president of Skylar.

News item from Capital Dynamics

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